During the second quarter of 2021, the year-on-year variation rate of the Spanish GDP stood at 17.55%, registering an increase from the previous quarter. Regarding the labor market, the percentage of unemployed over the active population registered a decrease compared to the previous quarter, down to a rate of 15.26%. Moreover, year-on-year employment variation rate stood at 5.72%. As for prices, inflation stood at 2.53%. Regarding the exchange rate, the euro held constant against the dollar in 2Q21, standing at an average exchange rate of 1.21 $/€.


Macroeconomic outlook report: Spain 2Q21

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Macroeconomic overview

  • In 2Q21, the Spanish economy registered a y/y variation rate of 17.55%, after accelerating by 21.76 p.p. with respect to 1Q21. The recovery of the Spanish economy accelerated after the lifting of the containment measures, as well as progress in the vaccination against COVID-19 during the first half of 2021.
  • Domestic demand increased by 20.30 p.p. with respect to the previous quarter, reaching a year-on-year variation rate of 17.33%.
  • Regarding the labor market, the unemployment rate stood at a rate of 15.26%, after decreasing by 0.72 p.p. compared to 1Q21. Moreover, in 2Q21, the year-on-year employment variation rate stood at 5.72%, which represented a significant recovery (8.13 p.p.) compared to the previous quarter.
  • Regarding the exchange rate, the euro remained the same against the dollar in 2Q21, registering an average exchange rate of 1.21 $/€.
  • As for inflation, in 2Q21, CPI growth stood at a rate of 2.53%, after recording an increase of 1.93 p.p. compared to the previous quarter.

For more information, click here to access the executive document in pdf (only avalaible in Spanish).